income (un-audited)
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LALPIR POWER LIMITED
CONDENSED INTERIM BALANCE SHEET AS AT 31 MARCH 2013 (UN-AUDITED)
Un-audited31 March
Notes 2013
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
500,000,000(2012:500,000,000)
ordinary shares of Rupees 10 each
Issued, subscribed and paid up share capitalCapital reserveRevenue ReservesTotal equity
LIABILITIES
NON-CURRENT LIABILITIES
Deferred liabilities
CURRENT LIABILITIES
Trade and other payablesInterest accrued on short-term borrowingsShort-term borrowings-Secured
Total liabilities
CONTINGENCIES AND COMMITMENTS
Audited31 December
2012
(Rupees in thousand)
5,000,000
3,798,387
107,0048,250,862
12,156,253
17,269
10,247,253
10,264,522
5,000,000
3,453,079
107,0048,644,601
12,204,684
13,620
766,377
242,871
9,238,005
917,879
259,612
9,437,779
10,615,270
10,628,890
Notes
ASSETS
NON-CURRENT ASSETS
Property, plant and equipmentLong-term loans
CURRENT ASSETS
Stores, spare parts and other consumablesFuel stockTrade debtsAdvances and short-term prepaymentsOther receivables
Sales tax recoverableCash and bank balances
Un-audited31 March
2013
Audited31 December
2012(Rupees in thousand)
6 8,303,760 8,352,537
70,093 41,356
ables
3
8,373,853 8,393,893
673,668
326,052
10,664,640
482,367
368,727
1,212,631
318,837
696,820
363,927
10,590,535
595,791
368,874
1,137,993
685,741
14,046,922 14,439,681
TOTAL EQUITY AND LIABILITIES 22,420,775
The annexed notes form an integral part of these financial statements.
DIRECTOR
22,833,574 TOTAL ASSETS 22,420,775 22,833,574
DIRECTOR
LALPIR POWER LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVEINCOME (UN-AUDITED)
FOR THE PERIOD ENDED 31 MARCH 2013
Note
Revenue
Cost of sales
Gross profit
Administrative expenses
Other operating expenses
Other operating income
Profit from operations
Finance cost
Profit before taxation
Provision for Taxation
Profit after taxation
Other comprehensive income
Total comprehensive income for the year
Earnings per share - basic and diluted (Rupees)
Quarter Ended31 March 31 March
2013 2012(Rupees in thousand)
8,076,031(7,455,710)
620,321
(34,309)(1,368)
584,6447,792
592,436(261,028)
331,408
331,408
331,408
0.87
8,394,863(7713,107)
681,756
(22,942)(886)
657,9281,057
658,985(200,312)
458,673
458,673
458,673
1.21
The annexed notes form an integral part of these financial statements,
DIRECTOR
LALPIR POWER LIMITED
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)
FOR THE FIRST QUARTER ENDED 31 MARCH 2013
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
Finance cost paid
Interest income received
Income tax paid
Gratuity received
Net cash generated from/fused in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure on property, plant and equipment
Proceeds from sale of property, plant and equipment
Long-term loans
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid
Net Cash used in financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
CASH AND CASH EQUIVALENTS
Cash in hand
Cash at banks
Short-term borrowings
The annexed notes form an integral part of these financial statements.
31 March 31 March
2013 2012(Rupees in thousand)
533,295
(277,769)7,359
(5,510)1,628
259,003
(80,828)
1,608,707
(212,016)
1,997
1,398,688
(52,091)
(28,737)
(56,606)502
(18,734)
(74,838)
I (345,305)1 |
(167,130)
(8,752,038)
(8,919,168)
398
318,439
(9,238,005)
(8,919,168)
(517,962)1
805,888
(5,471,126)
(4,665,238)
343
886,761
(5,552,342)
(4,665,238)
DIRECTOR
LALPIR POWER LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY {UN- AUDITED)
FOR THE FIRST QUARTER ENDED 31 MARCH 2013
Balance as at 01 January 2012 - (Audited)
Final dividend for the year ended 31 December2011 @1.5 Rupees per share
Total comprehensive income for the period
Balance as at 01 January 2012 - (Audited)
Bonus shares issued
Final dividend for the year ended 31 December2012@1 Rupee per share
Total comprehensive income for the period
SHARE
CAPITAL
RESERVESCapital
Retained
payments
reserve
Revenue
Reserve for
issuance of
bonus shares
Un-appropriated
profit
TOTAL
EQUITY
i -1
3,453,079 107,004
-
-
3,453,079 107,004
3,453,079 107,004
345,308
.
-
3,798,387 107,004
8,406,921
(517,962)
458,673
8,347,632
345,308 8,299,293
(345,308)
(379,839)
331,408
8,250,862
• • /
11,967,004
(517,962)
458,673
11,907,715
12,204,684
-
(379,839)
331,408
12,156,253
The annexed notes form an integral part of these financial statements.
DIRECTOR
LALPIR POWER LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN • AUDITED)
FOR THE FIRST QUARTER ENDED 31 MARCH 2013
1. THE COMPANY AND ITS OPERATIONS
Lalpir Power Limited ("the Company") was incorporated in Pakistan on 08 May 1994 under the Companies Ordinance, 1984.The registered office of the Company is situated at 53-A, Lawrence Road, Lahore. The principal activities of the Companyare to own, operate and maintain an oil fired power station ("the Complex") having gross capacity of 362 MW in MehmoodKot, Muzaffargarh, Punjab, Pakistan.
2. BASIS OF PREPARATION
This condensed interim financial information is unaudited and is being submitted to shareholders as required by the Section245 of the Companies Ordinance, 1984, This condensed interim financial information has been prepared in accordance withthe International Accounting Standards (IAS) 34 " Interim Financial Reporting" as applicable in Pakistan and notified by theSecurities and Exchange Commission of Pakistan (SECP). This condensed interim financial information does not include allof the information required for full annual financial statements, and should be read in conjunction with the annual financial
statements for the year ended 31sl December, 2012.
3. ACCOUNTING POLICIES
The accounting policies and methods of computation adopted for the preparation of this condensed interim financialinformation are same as applied in the preparation of the preceding annual financial statements of the Company for the yearended 31 December 2012.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of this condensed interim financial information in conformity with approved accounting standards requiresthe use of certain critical accounting estimates. It also requires management to exercise its judgment in the process ofapplying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historicalexperience and other factors, including expectations of future events that are believed to be reasonable under thecircumstances.
During preparation of this condensed interim financial information, the significant judgments made by the management inapplying the Company's accounting policies and key sources of estimation and uncertainty were the same as those thatapplied in the preceding audited annual financial statements of the Company for the year ended 31 December 2012.
5. CONTINGENCIES AND COMMITMENTS
5.1 Contingencies
There is no change in the contingencies disclosed in the preceding audited annual published financial statementsof the Company for the year ended 31 December 2012.
5.2 Commitment
5.2.1 The Company has entered into a contract for a period of thirty years for purchase of fuel from Pakistan State OilCompany Limited (PSO). Under the terms of Fuel Supply Agreement (FSA), the Company is not required to buyany minimum quantity of fuel from PSO.
5.2.2 Commitments for capital expenditure as at reporting date are amounting to Rupees 2,156 million (31 Dec 2012:Rupees 2,073 million).
6. PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets (Note 6.1}Capital work-in-progress
6.1 Operating fixed assetsOpening book valueAdd: Cost of additions during the period/year (Note 6.1.1}Less: Book value of deletions / derecognition during the period / year(Note 6.1.2)Less: Depreciation charged during the period / year
Closing book value
6.1.1 Cost of additions
Freehold landBuildings on freehold landImprovements on leasehold propertyPlant and MachineryFurniture and fixturesVehiclesOffice EquipmentElectric Equipment and Appliances
6.1.2
7.
Book value of deletions / derecognition
Vehicles
COST OF SALES
Fuel costOperation and maintenance costsInsuranceDepreciationOthers
(Un-audited) (Audited)31 March 31 December
2013 2012(Rupees in thousand)
7,088,8441,214,916
7,044,274
1,308,263
8,303,760 8,352,537
7,044,274145,438
100,868
7,356,21075,263
21387,178
7,088,844 7,044,274
-1,264
-134,955
13968
8,792220
145,438
1,2106,2243,28038,9051,3033,6084,07416,65975,263
21
Quarter Ended31 March 31 March
2013 2012(Rupees in thousand)
7,202,59078,40578,16096,555
7,484,64285,18750,50392,580
1957,455,710 7,713,107
Quarter Ended
31 March 31 March2013 2012
(Rupees in thousand)CASH GENERATED FROM OPERATIONS
Profit before taxationAdjustment for non cash charges and other items:
DepreciationProvision for gratuityGain on disposal of property, plant and equipmentInterest incomeFinance cost
Cash flows from operating activities before working capital changes
(Increase) / decrease in current assets:
Stores, spare parts and other consumablesFuel stockTrade debtsAdvances and short-term prepaymentsOther receivablesSales tax recoverable
Increase / (decrease) trade and other payables
331,408
100,8682,021
(7,359)261,028
458,673
96,9941,625(480)
198,965687,966 755,777
23,15237,875(74,105)118,934
147(74,638)
(59,791)333,864323,437(20,696)
6934,396
31,365
(186,036)
611,279
241,651
533,295 1,608,707
9. TRANSACTIONS WITH RELATED PARTIES
The related parties of the Company comprise of associated undertakings, other related group companies, keymanagement personnel and staff retirement benefit plans. Transactions with related parties include expensescharged between these companies. The Company in the normal course of business carries out transactions withvarious related parties. Detail of transactions with related parties other than those which have been specificallydisclosed elsewhere in these financial statements are as follows:
Quarter Ended
Associated company Nature of transaction31 March
201331 March
2012
Nishat Mills Limited
Adamjee Insurance Company Limited
Security General Insurance CompanyLimitedD G Khan Cement Company Limited
Stanhope Investments
Engen (Private) Limited
Pakgen Power Limited
Pakistan Aviators and
Staff retirement benefit plans
Dividend
DividendInsurance premiumDividend
Purchase of cement
Dividend
Dividend
Share of expensesShare of rental income
Flying services
Contribution made to provident fundContribution made to gratuity fund
(Rupees in thousand)110,49827,625
118,621 71,9076,906
103,592
69,061
50,714388
1,132
2,7452,021
1,247
54,256388
5,0713,900
9.1 The Company shares premises, employees and other common costs with its associated company, Pakgen PowerLimited (formerly AES Pak Gen (Private) Company) on fifty-fifty basis in accordance with "Shared FacilitiesAgreement".
10. DATE OF AUTHORISATION FOR ISSUE
These financial statements were authorized for issue by the Board of Directors on
11. GENERAL
Figures have been rounded off to the nearest thousand Rupees.
DIRECTOR
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